you're putting money to work in various industries, including energy. this week, you launched two investment funds distributed by charles schwab. why the move? is this the sign of the times that private equity is becoming more of a traditional management company? >> no, i mean, when you look at the amount of capital in the hands of individual investors and the capital that's managed by registered investment advisers, in the united states alone it's $19 trillion. >> wow. >> that's far greater than the amount of institutional capital. until recently, we didn't have the track record and expertise in the firm to create products that fit that market. the market basically wants liquidity and yield. we started a credit business in 2004. we now have a record to do that. so we now have products that fit that channel. it's a great place to find investors that want to be part of what we're capable of delivering. >> are you seeing the investor today risk adverse? are you seeing them hesitant in terms of putting money to work? >> oh, yes. not just corporations and p